Property: your “tobacco moment” has come

At the first-ever UN “Buildings Day”, held at the Paris climate talks in December, there was unprecedented scrutiny of the carbon dioxide emissions associated with property and construction, and the sector’s role in averting catastrophic climate change. By 2050, emissions from the built environment must be reduced by an estimated 84 gigatonnes – the equivalent of taking 22,000 coal-fired power stations offline – if global warming is to be limited to less than 2°C.

That will take a radical rethink of the way we build and refurbish, but also of how properties are funded, valued, procured and managed: the World Green Building Council is calling for nothing short of a “global market transformation”. In this cover feature for Modus, the magazine of the Royal Institution of Chartered Surveyors, I investigated what that’s going to look like.

This is the property sector’s “tobacco moment”, one expert told me – the equivalent of the government reports that made an incontrovertible link between smoking and ill-health in the early 1960s: “The fundamental difference between the Kyoto Protocol [in 1997] and the Paris Agreement is that today no one can say they didn’t know there was risk.”

Cover of Modus June 2016